New broker selected for Advocis Sponsored Plan
Monday, August 29, 2005, Toronto: The Advocis Protective Association (APA), today announced that it will begin the transition to a reciprocal insurance model in partnership with its new broker, Willis Canada Inc., effective August 28, 2005.
“Our partnership with Willis is a natural progression of the APA moving to a reciprocal,” noted Randy McGlynn, CLU, chair of the Advocis Protective Association. “Having conducted an industry-wide search to determine the best partner to help us achieve our goal, Willis Canada demonstrated the right depth of experience and a commitment to high levels of customer service, which is consistent with the APA philosophy.”
Reflecting on the APA’s next move, John Martin, COO market development noted, “By becoming a reciprocal, the APA continues to achieve more control over plan development, coverage and stability, allowing us to aggressively build the biggest plan in Canada, which in turn has a positive influence on premiums.” Mr. Martin went on to say, “The Association’s active involvement in the claims process will ultimately have a positive impact on our members. It allows us to be more effective in the settlement of complex claims issues and gives us the opportunity to learn from these experiences to everyone’s benefit. Fundamentally we can develop more meaningful plan-specific information to allow for long-term benchmarking.”
Existing plan members can expect the transition to the new broker to be seamless as this does not change the nature of plan coverage. Economical Mutual will continue as the insurer of the Advocis Sponsored E&O Plan. The APA has also launched a new Web site where further information can be found at www.apa-ins.ca.
About the Advocis Protective Association
The Advocis Protective Association (APA) is an industry-leading professional liability insurance provider offering members errors and omissions insurance specifically tailored to professional financial advisors, licensed for the sale of life insurance products, mutual funds and securities, as well as fee-only planners and licenced administrative assistants. Its Web site is www.apa-ins.ca.
Advocis, The Financial Advisor Association of Canada, is the largest voluntary professional membership association of financial advisors. With more than 13,000 advisors in 50 chapters across Canada, Advocis members provide financial and product advice to millions of Canadians across a variety of distinct areas, including: estate and retirement planning, wealth management, risk management and tax planning. Members adhere to a strict Code of Professional Conduct, subscribe to standards of best practice, meet ongoing continuing education requirements, maintain appropriate levels of professional liability insurance and are committed to putting their client interests first. The Association’s Web site is www.advocis.ca.